The JPY is the strongest while the CAD is the weakest

The USD is mixed as the market works around the Cohn resignationThe JPY returned to the currency of choice on the back of the Cohn resignation.   The CAD is back to being the weakest as the expectations for tariffs increases (and NAFTA problems).  The USD is mixed with gains vs the CAD, AUD, NZD and GBP and declines vs. the JPY, EUR and CHF.

Although lower, the JPY pairs are off the lows. Most of the activity was in the first hour of the day when the Cohn news was released.  The price activity has been up and down since then.  
In other markets:

  • Spot gold is down -$3 or -0.23% at $1331.45
  • WTI crude oil futures are down -$0.29 or -0.45% at $62.32

On the calendar today:

  • ADP employment will be released at 8:15 AM/1315 GMT. The expectation is 200K va 234K last
  • At 8:30 AM ET/1330 GMT Labor productivity in Canada is expected to rise 0.1% vs -0.6% last.
  • US Nonfarm productivity for 4Q is expected to fall -0.1% vs -0.1% as the preliminary estimate. The Unit Labor costs for the quarter are expected to come in at 2.1% vs 2.0% prior
  • US trade balance for January is expected to show a deficit of -$55B vs -$53.1B
  • The BOC are expected to keep rates unchanged at 10 AM ET. 
  • At 10:30 AM ET, the DOE will release data for inventories. The private data showed a big add in crude oil inventories. The expectation is for 3000K for crude. Gas is expected to rise 1500K vs 2483K last month

US stocks are expected to open down -290 points for the Dow. The S&P is expected to open down -24 points. The Nasdaq is forecast to open down -50 poiints. 

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